Haldane joined the Bank of England in 1989. He worked in Monetary Analysis, on various issues regarding monetary policy strategy, inflation targeting and Central Bank independence. He had a secondment to work at the International Monetary Fund. Haldane's senior experience back in the Bank of England include heading up the International Finance Division and the Market Infrastructure Division. In 2005 Haldane assumed responsibility for the Systemic Risk Assessment Division within the Financial Stability department. In 2009 he became the Bank of England's the Executive Director of Financial Stability.
Haldane has been widely cited as a leading Bank of England expert on Financial Stability and is a co-author with Adair Turner and others of the LSE Future of Finance report. His 2012 speech, "The Dog and the Frisbee"  -- delivered to the Federal Reserve Bank of Kansas City's annual Jackson Hole meeting -- received wide attention in the financial media and prompted Forbes to describe him as a "rising star central banker. In the speech, Haldane drew on behavioral economics to argue that complex financial systems can't be controlled with complex regulations.
In October 2012 Haldane said the Occupy movement protesters had been right to criticise the financial sector and had persuaded bankers and politicians "to behave in a more moral way".
Interviewed on the BBC's The World at One radio programme, ahead of Chancellor's 2012 Autumn Statement, Haldane said the financial effect of the bank crisis, i.e. the loss of income and damage to output was as severe as a world war. He feared the cost would fall on the next generation or even the generation afterwards. Public anger was justified as banks had made loans which could never be repaid and these loans were sold on around the world creating the Subprime mortgage crisis. The banks still had undeclared risky assets. In the meantime bankers pay which in 1980 was comparable with a doctor or lawyer had risen by 2006 to four times that value and it needs to fall to that of other professions.
Haldane has authored more than 70 articles and three books on inflation targeting, central bank independence, international financial crises, financial stability frameworks and payment systems.
- The Future of Payment Systems: 43 (Routledge International Studies in Money and Banking) with Stephen Millard, and Victoria Saporta (2007)
- Fixing Financial Crises in the 21st Century (Routledge Studies in the Modern World Economy) (2004)
Notes and references
|Wikimedia Commons has media related to Andy Haldane.|
- Biography on Bank of England website retrieved 3 August 2010
- Haldane's bio on VOXEU
- Bank of England expert calls the bankers' bluff' The Observer Sunday 20 December 2009
- Banking system like South Sea bubble, says senior Bank of England official The Guardian 1 July 2009
- 'Big is not better when it comes to banks' BBC 18 December 2009
- Adair Turner, Andrew Haldane, Paul Woolley, Sushil Wadhwani, Charles Goodhart, Andrew Smithers, Andrew Large, John Kay, Martin Wolf, Peter Boone, Simon Johnson and Richard Layard (16 August 2010). "The Future of Finance: the LSE report". Retrieved 30 October 2012.
- "The Jackson Hole Speech People Should Long Remember," Jason Zweig, The Wall Street Journal, August 31, 2012
- James Kirkup (29 October 2012). "Occupy protesters were right, says Bank of England official". Daily Telegraph. Retrieved 30 October 2012.
- Hannah Kuchler and Claire Jones (30 October 2012). "BoE’s Haldane says Occupy was right" ((registration required)). Financial Times. Retrieved 2012-10-30.
- "A leaf being turned" - speech by Andrew Haldane: 29 October 2012 “Socially useful banking” conference at Friend’s House, Euston, London on 29 October 2012.
- "Bank crisis impact bad as world war, Andrew Haldane says". BBC News. 3 December 2012. Retrieved 3 December 2012.
- Pro Bono economics website: http://www.probonoeconomics.com/